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QuiLTS > A4 Regulatory and Fiscal Frameworks > Flashcards

A4 Regulatory and Fiscal Frameworks Flashcards

1
Q

S 327(1) POCA : it is an offence to … (5)

A

Conceal, disguise, convert, transfer or remove criminal property from UK

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2
Q

S 327(2) POCA : it is a defence to s 327(1) (concealment etc. of criminal property) if… (2)

A
  • Authorised disclosure under s 338 is made OR

- Intended to make disclosure but had reasonable excuse for not doing so

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3
Q

S 338 (2) POCA : An authorised disclosure can be made _, _ or _ an act

A

Before, during an after

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4
Q

S 338 (2A) POCA : Conditions for making authorised disclosure during an act (2)

A
  • You began to do act at a time when you did not suspect that property was benefit from criminal conduct
  • Disclosure made on own initiative and as soon as practicable after knowing
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5
Q

S 338 (3) POCA : Conditions for making authorised disclosure after an act (2)

A
  • Reasonable excuse for failure to disclose before doing

- Disclosure made on own initiative and as soon as practicable

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6
Q

S 328 POCA : It is an offence to … (facilitation)

A
  • Enter or become concerned in an arrangement
  • Which you know or you suspect facilitates
  • Acquisition, retention, use or control of criminal property by or on behalf of another person
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7
Q

S 328(2) POCA : It is a defence to s 328(1) (facilitating ) if (2)

A

Authorised disclosure made under s 338 OR

Intended to make disclosure but had reasonable excuse for not doing so

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8
Q

S 328(2) POCA : Not an offence to facilitate acquisition etc of criminal property outside UK if

A

Relevant criminal conduct was not, at time it occured, unlawful under criminal law in that other country or territory

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9
Q

S 329 (1) POCA : It is an offence to … (3)

A

Acquire, use or have possession of criminal property

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10
Q

S 329(2) POCA : It is a defence to s 329(1) (acquisition etc.) if… (3)

A
  • Authorised disclosure is made OR
  • Intended to make disclosure but had reasonable excuse for not doing so OR
  • Acquired/used/had possession of property for adequate consideration
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11
Q

S 330 POCA : Failure to disclose information on ML - what are the elements of offence? (3)

A
  • Knows or suspects or has reasonable grounds for knowing or suspecting that another person engaged in ML
  • Information came to him in course of business in regulated sector
  • Failed to disclose to nominated officer
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12
Q

Under S 330 POCA : What are examples of “regulated sector” activities? (4)

A
  • Tax advice
  • Buying and selling properties
  • Managing client assets
  • Creating and operating companies/trusts
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13
Q

S 330(3) POCA : What must you disclose? (3)

A
  • Identity of money launderer
  • Whereabouts of laundered property
  • Information giving rise to knowledge/suspicion of ML
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14
Q

S 330(6) - (7) POCA : It is a defence to s 330(1) (failure to disclose info on ML) if… (3)

A
  • Had reasonable excuse for not disclosing
  • Information came to you in privileged circumstances
  • Do not know or suspect ML AND employer did not provide training on AML
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15
Q

S 333A(3) POCA: It is an offence to … (tipping off) (3)

A
  • Disclose that investigation into allegations of offence is being contemplated or being carried out
  • Disclosure likely to prejudice investigation
  • Information on which disclosure based came to you in course of business in regulated sector
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16
Q

What is the general prohibition in s 19 FSMA?

A
  • Cannot carry out “regulated activity in UK unless you are
  • Authorised person or
  • Exempt person
17
Q

s 22 FSMA: What is a “regulated activity” (3)

A
  • An activity of a specified kind
  • Carried on by way of business
  • Relates to a specified investment
18
Q

s 22 (4) FSMA: Definition of “investment”

A

Any “asset, right or interest”

19
Q

Arts 75, 76, 77 RAO list these as specified investments

A
  • Rights under a contract of insurance
  • Shares
  • Instruments creating or acknowledging indebtedness
20
Q

Arts 83, 84, 88 list these as specified investments

A
  • Options to acquire or dispose of securities/currencies/gold/investments
  • Futures
  • Regulated mortgage contracts
21
Q

Art 61(3) RAO on specified activities, defines regulated mortgage contracts as one where: (3)

A
  • Lender provides credit to individual or trustee
  • First legal mortgage on land (i.e. ranking in priority ahead of other mortgages)
  • 40% of the land intended to be used as dwelling
22
Q

Art 14 RAO: Specified activity - Dealing in investments as principal means…

A

Buying, selling, subscribing for or underwriting securities or contractually based investments

23
Q

Exceptions to Art 14 RAO (Dealing in investments as principal) (4)

A
  • Art 15: The person doesn’t hold himself out as principal
  • Art 16: Dealing in contractually based investments (e.g. long-term insurance, options, futures, CFDs)
  • Art 66: Trustees and personal representatives if acting as a bare trustee (simply following instructions)
  • Art 70(1): Sale of a body corporate
24
Q

Art 21 RAO: Specified activity - Dealing in investments as agent means..

A

Buying, selling, subscribing for or underwriting securities or contractually based investments as agents
(Includes solicitors acting under powers of attorney)

25
Q

Exceptions to Art 21 RAO (Dealing investments as agent) (3)

A
  • Art 22: Dealing through authorised person based on advice given to client by that authorised person / client didn’t seek advice from you
  • Art 67: Necessary in course of business *
    Art 70(4): Sale of a body corporate *
26
Q

Art 25 RAO: Specified activity - Arranging deals in investments means

A

Making arrangements for another person to buy, sell, subscribe, underwrite investment which is security, contractually based investment etc.

27
Q

Exceptions to Art 25 RAO: (6)

A

Art 27: Merely enabling parties to communicate
Art 29: Arranging deals through authorised person based on advice given to client from that person / client didn’t seek your advice
Art 33: Introducing client to an authorised person
Art 66, Art 67, Art 70(5)

28
Q

Art 37 RAO: Specified activity - Managing investments means

A

Managing assets belonging to another person involving an exercise of discretion
Assets include security or contractually based investment

29
Q

Exception to Art 37 (Managing investments)

A

Art 66: Trustees or personal representatives

30
Q

Art 40 RAO: Specified activity -

A

Safeguarding AND administering assets

31
Q

Art 53 RAO: Specified activity - advising on investments means (2)

A
  • Giving advice to person in his capacity as investor

- Advising on merits of buying, selling, subscribing, etc.

32
Q

Art 53 RAO (Advising on investments): Exception (1)

A

Art 70(6): Sale of a body corporate

33
Q

Art 70 RAO: What are the key conditions for “sale of body corporate” exception to apply? (2)

A
  • Acquiring or disposing shares

- Shares must include 50% or more of voting shares OR acquired shares + acquirer’s shares = more than 50%

34
Q

How can law firms fulfill the exemption in s 327 FSMA? (3)

A
  • Person (P) is member of a profession
  • P does not receive pecuniary reward from people other than client without accounting to client
  • Provision of regulated activity is incidental to provision of professional services (SRA Scope Rules say “activities arise out of ..or are complementary to provision of professional service”
35
Q

Under s 21 FSMA, any person, including law firms, must not in the course of a busines … unless …

A
  • Communicate an invitation or inducement to engage in an investment activity
  • Unless you are authorised person or content of communication is approved by authorised person
36
Q

Tax: Tax year in UK is from

A

6 April 2020 to 5 April 2021

37
Q

Income tax: what are the 4 income tax bands and rates:

A

Personal Allowance Up to £12,500 0%
Basic rate £12,501 to £50,000 20%
Higher rate £50,001 to £150,000 40%
Additional rate over £150,000 45%

38
Q

5 steps for calculating income tax:

A

1: Add up all “income”
2: Deduct reliefs to get net income, then deduct personal allowance to get taxable income
3. Split taxable income into savings, dividend and others
4. Apply tax bands to each figure
5. Add up tax liabilities

39
Q

What are the deadlines for

  • Filing self-assessment for income tax
  • Filing self-assessment for income tax online
  • Paying income tax
A
  • 31 October 2020
  • 31 Jan 2021
  • 31 Jan 2021

QuiLTS (4 decks)

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